According to the Bitcoin (BTC) Unrealized Profit Ratio analysis, large Bitcoin holders among new and old whales have not yet made enough profit to sell large amounts of BTC into the market. CryptoQuant founder Ki Young Ju explained this in a post on October 2.

New Bitcoin whales (those who have held the asset for less than five months) will only make a 1% profit if they sell at current market prices. Old whales are in a better position with an Unrealized Profit Ratio of around 1.27 as of September 30, but these whales have not seen high returns in the current cycle either.

Tensions in the Middle East have lowered the price of Bitcoin. Due to recent tensions between Iran and Israel, Bitcoin exchange-traded funds in the US recorded outflows of around $243 million on October 1. These outflows reversed eight consecutive days of inflows and represented the biggest decline in almost a month.

Expert analyst Willy Woo stated that Bitcoin has a positive outlook in the long term, but it will take time to reach $74,000. Woo predicted that October will be a slow month and the price will move sideways until November or December 2024.

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